Titagarh Rail Systems Q2 FY27: Record PRS Revenue, JV with BHEL, Siemens MoU
Titagarh Rail Systems reported a record Q2 FY27 with ₹300 crore in Passenger Rail Systems revenue, a 146% YoY increase. The company secured a ₹1,700 crore order for 4,955 wagons from Indian Railways. Key developments include a 50:50 JV with BHEL for Vande Bharat train maintenance and an MoU with Siemens for international opportunities. The total order book stands at ₹28,695 crore.
The record revenue, substantial order wins, and strategic collaborations with major industry players like BHEL and Siemens are highly material and will significantly impact the company's future financial performance and market position.
The announcement highlights record revenue, significant new orders, and strategic partnerships, indicating strong business growth and positive future prospects.
Titagarh Rail Systems Limited (TRSL) has announced its financial and business highlights for the second quarter and first half of fiscal year 2027, ending September 30, 2026. The company reported a record Passenger Rail Systems (PRS) revenue of ₹300 crore, marking a significant year-on-year increase of 146% and a 31% increase quarter-on-quarter. In terms of volume, 51 metro cars were invoiced in Q2 FY27, showing a substantial YoY growth of 325% and a 70% QoQ increase.
The company also secured a significant order for 4,955 wagons from Indian Railways, valued at approximately ₹1,700 crore. This contributed to a total order book of around ₹28,695 crore, including joint venture shares, with the standalone order book (including wholly-owned subsidiaries) standing at approximately ₹15,369 crore.
Key strategic developments during the quarter include the signing of a Joint Venture agreement with BHEL on September 15, 2026. This 50:50 JV will focus on the comprehensive maintenance of 80 Vande Bharat sleeper trainsets for 35 years, with an estimated TRSL share of the order book at ₹7,000 crore. Additionally, TRSL signed a non-binding Memorandum of Understanding (MoU) with Siemens to jointly explore international metro rolling stock opportunities, aiming to strengthen local manufacturing in India.
TRSL also established a new design centre in Lucknow, enhancing its in-house design capabilities. The Vande Bharat sleeper prototype train is on track for testing by Q4 FY27. The company's strategy focuses on leveraging growth through strategic alliances, aiming to transition from India's leading wagon maker to a full-spectrum rail mobility company.
Financially, for Q2 FY27, the consolidated revenue stood at ₹772.81 crore, with an EBITDA of ₹102.24 crore and Profit After Tax of ₹63 crore. The standalone revenue was ₹735.06 crore, with EBITDA of ₹95.37 crore and Profit After Tax of ₹51.95 crore. The company's balance sheet shows total assets of ₹4,322.76 crore (standalone) and ₹4,345.40 crore (consolidated) as of September 30, 2026.
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